📊 Financial Accounting
Q. Which of the following statements is true?
  • (A) Going Concern Concept assumes that business will be carried on for a definite period
  • (B) The Capital Losses need not be deducted to ascertain net income
  • (C) Provision for bad and doubtful debts is created in recognition of conservatism concept
  • (D) Materiality concept states that all business transactions are to be recorded however insignificant they may be
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✅ Correct Answer: (C) Provision for bad and doubtful debts is created in recognition of conservatism concept

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